It is always fascinating to take a step back and look at the hard real estate statistics for the first four months of 2014. The primary home and residential real estate market in the Charleston area is truly hot and booming. However, the second home market is off to a slow start. Certain factors had a suppressing affect on the second home market, such as the late Easter, the very cold winter and schools having to make up for snow days. However, with prices still attractive and interest rates low, there seems to be a surge coming in the second home market. There are many positive trends in our market and historically the second home markets follow closely behind the primary market.
Additionally, the vacation rental market is a future indicator of the second home real estate market. Of our 82 active rental properties, 78 are ahead of 2013's pace and all 82 are ahead of 2012's pace. Of the rental properties we were actively managing this time last year, their booking averages are 10 rental nights ahead of pace and revenue on the books is up 32% over 2013.
Although the first four months of the year were slower than expected on Kiawah and Seabrook, with all the positive trends, we are anticipating that May, June and July will be as good as any stretch since 2007.
The real estate statistics below are taken directly from the MLS and Kiawah Island Real Estate website on May 1, 2014. By taking the active listings and dividing them by the number of active properties listed as under contract, we get these sales percentages of active listings:
- Mt Pleasant has 54% of their active listings under contract. Daniel Island has 45%, James Island 41% and Johns Island 38%. Conversely, the second home markets of Kiawah, Seabrook and Wild Dunes are much less. Kiawah Island has 6.7%, Seabrook 8.2% and Wild Dunes 7.4%.
- On Kiawah, up to $1m, there are 201 residential listings, which includes homes, villas and cottages. Twelve are under contract or 5.97%. Between $1m and $2m, there are 104 listings with 8 under contract or 7.7%. Over $2m, there are 83 active and 6 under contract or 7.2%.
- Seabrook has 176 active listings under $1m with 16 under contract or 9.1%. There are 24 listings between $1m and $2m with one under contract or 4.1%. There are 7 over $2m with none under contract.
